The EU has proposed an embargo on Russian oil, which analysts say will further tighten the market and shift trade flows
London — Oil rose on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as the EU works on gaining support for Russian oil and flows of Russian gas to Europe through a key transit point in Ukraine dried up.
Brent crude was up $2.86, or 2.8%, to $105.32 a barrel at 8.15am GMT, while US West Texas Intermediate crude climbed $2.53, or 2.5%, to $102.29. Oil also gained on hopes of Chinese economic stimulus after China’s factory-gate inflation eased and investors took comfort in signs of lower domestic Covid-19 infections, and on the disruption to flows of Russian gas.
Oil has surged in 2022 as Russia's Ukraine invasion added to supply concerns, with Brent reaching $139, the highest since 2008, in March. Worries about growth from China's Covid-19 curbs and US interest rate hikes have prompted this week's slump.
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